Government and business need to be clear about their stance on nationalisation if they want to grow South Africa's economy, Business Unity SA (Busa) said on Monday.

"The current tone of the public debate around the nationalisation of land, banks and the mining industry weakens South Africa's ability to attract the direct investment -- both local and foreign -- which is required to grow South Africa's economy," Busa said in a statement.

Despite repeated assurances from President Jacob Zuma that nationalisation was not government nor ANC policy, "both government and business must now show much greater leadership and will to bring certainty to this issue as quickly as possible".

"It is inconsistent to be trying to create partnerships to implement a New Growth Path aimed at growing the economy at six percent per annum and creating five million new jobs in the midst of growing uncertainty," Busa said.

"It is not conducive to the promotion of investor confidence."

Busa's appeal came after ANC Youth League leader Julius Malema, who was re-elected for a second term on the weekend, repeated his call for the nationalisation of mines and banks.

"The wealth must be transferred to all the people, the banks and mines should be nationalised. Land redistribution should be speeded up otherwise we will have no alternative to take over the land without compensation," he told league delegates on Thursday.

Busa said, however, the "track record of nationalisation globally, irrespective of sector, has been very poor in terms of its ability to sustainably boost employment creation, build globally competitive industries and contribute to internationally competitive economies".

Talk of nationalisation discouraged domestic and international investors, Busa said. This "was experienced particularly during the Mining Industry and Employment Task Team's tour of US and Canada earlier this year".

"The message is clear: if South Africa is to attract the foreign direct investment as well as the local investment we need to help create jobs sustainably, then all stakeholders have to sensibly manage public discourse, if the predictability and certainty needed for investment decisions are to be maintained," Busa said.